Nicanor made the following donations to his children in 2021: To Jose – Agricultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) made on January 31, 2021. To Boni – New car worth Php 5 Million made on March 22, 2021 To Goyo – Cash in the amount of Php 5 Million made on April 19, 2021

Nicanor made the following donations to his children in 2021: To Jose – Agricultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) made on January 31, 2021. To Boni – New car worth Php 5 Million made on March 22, 2021 To Goyo – Cash in the amount of Php 5 Million made on April 19, 2021

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 6BCRQ

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61. Nicanor made the following donations to his children in 2021: To Jose - Agricultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) made on January 31, 2021. To Boni - New car worth Php 5 Million made on Marc 22, 2021 To Goyo - Cash in the amount of Php 5 Million made on April 19, 2021 How much is the donor’s tax to be paid on Janaury 31, 2021? Answer:________________
Adolfo Kiloboy, a wealthy businessman and a resident citizen of the Philippines, donated to his friends during 2020: a.) January 15 – 180,000 b.) March 12 – 80,000 c.) April 5 – 100,000 d.) June 27 – 75,000 The donor’s tax due on January 15 is:
Marco made the following donations to his children in 2021: To Juan - Argicultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) made on January 31, 2021. To Clyde - New car worth 5 Million made on March 22, 2021. To Sevi - Cash in the amount of Php 5 Million made on April 19, 2021. How much is the donor’s tax to be paid on March 22, 2021?
2. How much is the donor's tax In January 2018, Don Nor donated commercial land to his second cousin. The value in the tax declaration is P2million pesos while the zonal value is P1.7million pesos. 102,000 O 120,000 87,000 O 105,000
Alicia, a resident alien, made the following donation: On Jan. 21, 2020, P4,000,000 to a friend as a wedding gift. On Dec.14, 2020, P2,500,000 worth of car to Maddie with a mortgage of 500,000 to be assumed by the latter. What is the donor's tax payable on: Jan. 21, 2020? Dec. 14, 2020?
Jinn and Liin are married and live in a common law state. They want to make gifts to their four children in 2021. What is the maximum amount of the annual exclusion they will be allowed for these gifts? a.$30,000. b.$120,000. c.$60,000. d.$15,000.
Mr. Lim ran for a government position during the country’s 2019 elections. He received campaign fund donations in cash and in-kind amounting to Php100M. He spent a total of Php75M for campaign related expenses. What are the type of taxes involved in this scenario? Explain your answer. 2. Assume that the excess funds were remitted back to the donor, how much is the total tax due of Mr. Lim for the taxable year 2019? 3. Assume that the excess funds were kept by Mr. Lim, how much is the total tax due of Mr. Lim for the taxable year 2019?
1. Mr. A, a Filipino citizen made the following gifts to his children for calendar year 2021: Phil. USA Canada Australia Net gift P500,000 P410,000 P300,000 P100,000 Donor's tax paid 30,000 P20,000P 5,000 Required: Compute the donor's to still due after tax credit.
In 2022 - 23, Sam makes a gift aid donation of £280. His only income consists of business profits. What is his income tax liability for 2022 - 23 if his profits for the year are £175,000? Question 10Answer a. £63,710 b. £57,966 c. £63,622 d. £63, 640
Answer with explanation. 1. On March 6, 2022, a Filipino citizen donated house and lot with fair market value of P500,000 to his illegitimate child on account of marriage on January 1, 2022. return was filed and tax paid on July 5, 2022. (Assume a 10% legal interest rate for loans). The donor's tax due, including increments, as of July 5, 2022 is: a. P15,000 b. P15,750 c. P19,500 d. P23,250
For each of the following, determine the amount that should be included in gross income: a. Peyton was selected the most valuable player in the Super Bowl. In recognition of this, he was awarded an automobile with a value of 60,000. Peyton did not need the automobile, so he asked that the title be put in his parents names. b. Jacob was awarded the Nobel Peace Prize. When he was presented the check for 1,400,000, Jacob said, I do not need the money. Give it to the United Nations to use toward the goal of world peace. c. Linda won the Craig County Fair beauty pageant. She received a 10,000 scholarship that paid her 6,000 for tuition and 4,000 for meals and housing for the academic year.